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Sunday, 1 May 2016

Consistency

What sets successful traders apart from the rest? There will be good times and bad times. That's life. You might not see the bad side because you don't realize it or there is more good than bad. Or you are over-confident, or delirious. Like a lot of newbie traders that talk about how easy Forex is and how they are using this "awesome" indicator. Then they tell you they haven't been profitable.

Consistency is the differentiator. Anyone can have a positive trade, but can you consistently produce profits?

The challenge for most traders is that they want to make big money and are chasing the big fish, ignoring the schools of small fish around them. That translates into some happy days with a big ass BBQ and all your friends over, bragging about your catch, and many dull empty netted days of stories of how the fish got away. And excuses why the big fish (the big trade) got away.

People that are successful don't blame outside circumstances, success comes from within.

We can't control circumstances or how the market moves but we can control how we respond to it. Without emotion. No matter what you do in life, you have to master you emotions. Fear and greed get you every time.

Trading is a Process

Where are you today, where do you want to go, and how are you going to get there.

No shortcut. Follow your process. Do what you have to do.

Some people journal, I recommend it, but I don't do it. I do look over my trades, replay them, the losses and the winners, then I look for the consistent profit.

Trade with a small lot size until you make consistent profits and slowly increase your lot size. That's consistency.

No matter what your skill set or bank roll. You need build a foundation and realize no matter how much you think you know, you really don't. You need to experiment, try different trades, have a good preparation and review process. No matter what your trading style is, consistency is the only way to get you positive results. Add passion, commitment, perseverance, and you have a winning mindset.

Markets Change, Your Consistency Should Not

Strategies come and go. Traders that adapt consistently are the ones with the edge. There are no strategies that work for life. That's a big mindset shift for most newbies who believe every new strategy they hear or read about works every time, dismissing all the bad setups that are downright losers. You are beyond lucky if your strategy works for a year or two. Don't take it personally when there are signs of your strategy underperforming. Consistently review the market, validate existing, and search for new patterns. You have to be pro-active. It's part of the process. And you better be consistent ;)